Hi.
I need to import my sales data into Quickbooks. But i'm having trouble with the account assignment tables.
Lets say I have one sale for the day. $10 + $1 Tax = $11 Total (cash, taxes included) on April 1st, 2009.
Below is a sample .iif file that will balance. However, I'm having trouble making sense out of it. To me, on this day I received $11 of cash (an asset), of which $1 is a clearly a liability (sales tax owed to the government). How do I classify the remaining $10? Is it an asset or a liability? Which Quickbooks account does it get credited/debited to?
I'm struggling to understand this, so does anyone have an example of how my simple daily sales might work?
!TRNS,TRNSID,TRNSTYPE,DATE,ACCNT,AMOUNT,DOCNUM,MEMO !SPL,SPLID,TRNSTYPE,DATE,ACCNT,MEMO,AMOUNT !ENDTRNS TRNS,10,GENERAL JOURNAL,04/01/09,3900,0.0,4,POS at Reg 1 SPL,10,GENERAL JOURNAL,04/01/09,Merchandise Sales,RMS Sales- Total,-10 SPL,10,GENERAL JOURNAL,04/01/09,Undeposited Funds,RMS,11 SPL,10,GENERAL JOURNAL,04/01/09,Sales Tax,RMS Tax Collected,-1 ENDTRNS